Current Affairs Current Affairs June 2020

  An Internal Working Group (IWG) has been constituted by the Reserve Bank of India with a prime objective of reviewing the extant guidelines on ownership and corporate structure for Indian private sector banks. The Internal Working Group (IWG) will be headed by Dr. Prasanna Kumar Mohanty, Director, Central Board of RBI. The Internal Working Group (IWG) is supposed to submit its report by 30th September 2020.
About an Internal Working Group (IWG): The Terms of Reference of the Internal Working Group is as follows:
  • The Internal Working Group will evaluate the extant licensing guidelines and regulations that are related to ownership and control in Indian private sector banks.
  • The group will also suggest appropriate norms while keeping in mind the issue of excessive concentration of ownership as well as control, and having regard to international practices including the domestic requirements
  • The group will analyse and review the eligibility criteria for individuals/ entities to apply for banking license and make recommendations on all related issues.
  • The group will study the present regulations on holding of financial subsidiaries through non-operative financial holding company (NOFHC) and will suggest the manner of migrating all banks to a uniform regulation in the matter, including providing a transition path.
  • The group will examine and review the norms for promoter shareholding at the initial/licensing stage and subsequently, along with the timelines for dilution of the shareholding.
  • The group will also identify any other issue relevant to the subject matter and make recommendations thereon.
Composition of the Internal Working Group: The Internal Working Group (IWG) consists of 5 members:
  • Dr. Prasanna Kumar Mohanty, Director, Central Board of RBI
  • Prof. Sachin Chaturvedi, Director Central Board of RBI
  • Smt. Lily Vadera, Executive Director, RBI
  • Shri S. C. Murmu, Executive Director, RBI
  • Shri Shrimohan Yadav, Chief General Manager, RBI-Convenor

State of the art flood warning system “iFLOWS” has been launched in Mumbai. The flood warning system was launched by Union Earth Sciences Minister Harsh Vardhan along with Maharashtra’s chief minister Uddhav Thackeray. I-FLOWS consists of seven modules: Data Assimilation, Flood, Inundation, Vulnerability, Risk, Dissemination Module and Decision Support System. The recently launched system “iFLOWS” will enable Mumbai to predict floods three days before they happen. As a result, administration will be able to save property as well as lives from the flood. Now, the city will become more resilient with the launch of system as it will provide early signs of the forthcoming danger during high rainfall and cyclone events.

 West Bengal government has received a loan amount of Rs 1950 crore from the World Bank. The loan amount has been lend to the West Bengal Government to tackle COVID-19 situation and developmental work in the state. Out of the total amount of Rs 1950 crore, West Bengal Government will spend Rs. 850 crore on various Social-Welfare schemes while the remaining Rs 1,100 crore will be spent to create Industrial infrastructures.

 The World Accreditation Day (WAD) is celebrated globally on 9th June every year to highlight and promote the role of accreditation in trade & economy. The International Accreditation Forum (IAF) and the International Laboratory Accreditation Cooperation (ILAC) decided the theme for WAD 2020 as “Accreditation: Improving Food Safety”. The two accreditation boards of the Quality Council of India (QCI) namely National Accreditation Board for Testing and Calibration Laboratories (NABL) and National Accreditation Board for Certification Bodies (NABCB) celebrated the World Accreditation Day 2020 by organising a webinar focussing on “Regulator’s perspective on food safety” and “Industry’s Perspective on food safety”.

 Infrastructure Leasing & Financial Services Limited (IL&FS) has completed the sale of its 50% stake in Gujarat International Finance Tec-City (GIFT City). These stakes were bought by the Gujarat Urban Development Company Ltd (GUDCL), on behalf of the Gujarat government, at an amount of Rs 32.71 crore. The stake sale took place after the approval from the National Company Law Tribunal (NCLT). IL&FS has received Rs 32.71 crore as equity value for shares. Selling of stakes to Gujarat government has helped the IL&FS group in reducing its debt by Rs 1,230 crore. Its current outstanding debt is around Rs 94,000 crore. Gujarat International Finance Tec-City Company Ltd (GIFTCL) is active in the business of real estate development.

 Indian Institute of Technology (IIT)- Guwahati has developed an application called “Flyzy” for consistent and contactless air travel during the COVID-19 pandemic. The point of the versatile application Flyzy, created according to International Air Transport Association (IATA) rules, is to give contactless loading up, remembering the simpler stuff drop, reasonable stopping, better shopping experience and giving important updates during the entire excursion. The application will direct them all together and furnish them with a simple comprehension and usage of a few air terminal capacities.

 Jio Platforms has received investment of Rs 5683.50 crore from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). Hence, ADIA has bought 1.16% stake in Jio Platforms with its investment of Rs 5683.50 crore. The investment done by ADIA valued the Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. Jio Platforms is a wholly-owned subsidiary of Reliance Industries (RIL). It aims to provide high-quality and affordable digital services across India. Abu Dhabi Investment Authority (ADIA) is the largest investment arm of the government of Abu Dhabi. ADIA was established in 1976 and is a globally-diversified investment institution.

 Defence Institute of Advanced Technology(DIAT) has developed “ANANYA” water-based disinfectant spray with nanotechnology assisted formulation. This spray can be used by anyone, from a common man to a healthcare worker, for the individual as well as large scale use. This spray can be used on masks, PPEs, hospital linens, as well as other likely contaminated surfaces such as medical instruments, elevator buttons, doorknobs, corridors and rooms. This formulation adheres very effectively to fabric, plastic and metallic objects, and its toxicity to humans is negligible. The shelf life of the spray is said to be more than 6 months.

 Myanmar military “Tatmadaw” has decided to use Facebook again to provide ‘accurate’ news to people. Myanmar Military using Facebook again because it is the most widely used social media platform in the country and is the best way to reach people. On August 2018, Facebook restricted 18 records and a few pages related with the Tatmadaw and its senior officials over allegations of spreading loathe discourse. Facebook evacuated the records hours after a United Nations truth discovering crucial a report that blamed the Tatmadaw for slaughter and atrocities in northern Rakhine State in 2017.

 Indian Aerospace entrepreneur, Renjith Kumar has been honoured with “NASA Distinguished Service Medal” for his administration to NASA through executive leadership, engineering contribution, technical excellence and consumer loyalty. He worked in relationship with NASA for over 30 years and contributed to updating the International Space Stations(ISS). He is CEO Emeritus of the Virginia based Analytical Mechanics Associates(AMA). RK Chetty Pandipati was the First Indian to win this honour in 2002.

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